THE LEVEL GROUND
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Relax ABSD rules for developers to hold rental units; don’t mix serviced apartments with condo projects
It reduces risks of developers while meeting needs of homebuyers and renters
Published Mon, Jul 1, 2024 · 03:47 PM
LAST month, a tender for a residential development site in the Upper Thomson area drew no bids – the first time in more than 20 years that a state land tender has closed with zero bids.
The 99-year leasehold Upper Thomson Road (Parcel A) site was to have yielded around 540 homes, 100 long-stay serviced apartments and a childcare centre.
Earlier this year, the first government land sale (GLS) site to pilot long-stay serviced apartments – in Zion Road – attracted a sole bid from a City Developments Limited -Mitsui Fudosan tie-up. This site will also yield conventional condominium homes.
ABSDProperty developersGovernment Land SalesResidentialSingapore residential propertyServiced residencesThe Level Ground
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